Your Life Insurance Agency In Norman, Oklahoma
Tatum insurance LLC is an independent insurance agency with an office located in Norman, Oklahoma. We sell a wide selection of insurance services including life insurance. Though we sell life insurance policies from multiple carriers, we work for you, not the carrier. Our team of professionals will give you unbiased expert advice on life insurance and the right coverage for you. We will assist you to find competitive pricing and see to it that you are adequately covered. The future is unpredictable, with a life insurance policy from Tatum insurance, your loved ones are guaranteed to get help during a difficult time.
We will give you unbiased life insurance advice in Norman, Oklahoma. We sell life insurance policies from a wide selection of top insurance providers. Our team of experts has more than 6 decades of selling life insurance packages. We will find the best policy to fit your lifestyle at competitive rates.
The Different Types of Life Insurance Policies
A life insurance policy is a contract between a policyholder and an insurance services company. The insurance company has an obligation is to provide a lump-sum payment to the beneficiaries upon the death of the policyholder. These payments are known as death benefits, and the policyholder has an obligation to pay monthly premiums to the insurer as stated in the contract agreement.
A life insurance policy is chosen in accordance to the goals and needs of the insured. Note that death benefits from all forms of life insurance do not attract income taxes. There are many types of life insurance policies including:
- Term Life Insurance
- Universal Life Insurance
- Whole Life Insurance
Term Life Insurance
A term life policy is designed to protect you financially for a limited period such as 15 or 30 years. With this type of insurance, the amount of premium you pay monthly do not change for the coverage period chosen. After the period has expired, you may renew your policy. However, the premiums may be higher than what you were paying.
Universal Life Insurance
A Universal life insurance policy is permanent. It is meant to protect you throughout your life. This policy is flexible, and it allows you to raise or lower your coverage or premium payments throughout your lifetime. Because universal life provides lifetime coverage, it has higher premium payments than term life.
Whole Life Insurance
Whole life insurance is also a permanent policy which protects you for a lifetime. Monthly premiums are also higher than term life insurance. Policy premiums are usually fixed, and they have a saving component where cash value accumulates. Rising cash value is an essential component of whole life insurance policy.
Why You Need Life Insurance
Different people purchase life insurance for different reasons. However, most policyholders are concerned about the wellbeing of their loved ones, family, and people who are dear to them. A life insurance policy guarantees financial support for your dependents.
To Protect Your Loved Ones And Family
If your family and loved ones depend on you financially, then life insurance is necessary to support them when you can’t. A life insurance policy replaces your income when you are not living. Life insurance is for parents with children who depend on them financially. It is also useful to married couples who would find it difficult to maintain their living standards without their partner’s income.
To Pay Off Debts And Other Expenses
Your family may need life insurance to pay off outstanding debts such as mortgage, car loan, and credit cards. Expenses may include funeral and burial cost which may run into thousands of dollars. You do not want to leave your loved ones with a financial burden in addition to heartache.
To Leave An Inheritance
If you do not have assets to pass to your heirs, you can purchase a life insurance coverage and name your children as beneficiaries. This way, you can set your children up for a stable financial future.
To Add Financial Security
Additional life insurance coverage is essential while your children are still at home. You want your kids to be well taken care of when you are gone. Extra coverage ensures that your children get a good quality education and other life events such as starting a business or getting married.
To Pay Off Estate Taxes
You can pay off your estate taxes using saved cash from a life insurance policy. This is a great way to avoid jeopardizing funds or funds for retirement. Use of life insurance to pay off estate taxes is common in large estates and uses permanent life insurance.
Our Office In Norman, Oklahoma
Our office is located in Norman, Oklahoma, we have experience in selling life insurance policies for over 60 years. At Tatum insurance, we help the Norman community to get competitive rates while still maintaining adequate coverage to suit their lifestyle.